在FRM一級考試中有大量的計算題，因此FRM公式對于考生來說是非常重要的。考生在平常的備考中就需要記住并熟練運用，因為在實際的考試中是不提供任何公式的！

Bonds With Embedded Options：

Callable bond', issuer has the right to buy back the bond in the future at a set price; as yields fall, bond is likely to be called; prices will rise at a decreasing rate—negative convexity.

Putable bond', bondholder has the right to sell bond back to the issuer at a set price.

Binomial Option Pricing Model：

A one-step binomial model is best described within a two-state world where the price of a stock will either go up once or down once, and the change will occur one step ahead at the end of the holding period.

In the two-period binomial model and multiperiod models, the tree is expanded to provide for a greater number of potential outcomes.

Step 1: Calculate option payoffs at the end of all states.

Greeks： 【資料下載】點擊下載融躍教育FRM考試公式表

Delta', estimates the change in value for an option for a one-unit change in stock price.

? Call delta between 0 and +1; increases as stock price increases.

? Call delta close to 0 for far out-of-the-money calls; close to 1 for deep in-the-money calls.

? Put delta between —1 and 0; increases from —1 to 0 as stock price increases.

? Put delta close to 0 for far out-of-the-money puts; close to -1 for deep in-the-money puts.

? The delta of a forward contract is equal to 1.

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